San Diego, CA (PRWEB) May 25, 2013
LoanLove.com is a trusted source of current news and expert loan advice that empowers homeowners with first-class knowledge, valuable resources, and connections to top-rated industry professionals. The new website recently posted an informational article that can help both first time and experienced homeowners to understand the differences between fixed rate and adjusted rate mortgages and make a well informed decision as to which option would be most suited for their specific mortgage needs.
When it comes to 30 year Vs ARM, there are a number of factors that should be kept in mind. Borrowers that are settled enough to want to stay in their home for more than five years may find that their safest option is the fixed rate mortgage. Fixed rate mortgages often offer more long term security, as the interest rate is not subject to change and therefore cannot be raised over time.
Adjusted rate mortgages, on the other hand, have many advantages too. ARMs typically have much lower interest rates for the first five years. This type of mortgage interest rate scheme is often called a 5/1 adjusted rate mortgage and often has the option for yearly adjustments after the first five years. This may not be the best option for homeowners who have long term goals when it comes to staying in their homes, but if the homeowner is planning on moving within the first five years or refinancing, this could be a the perfect option.
The consumer’s guide posted on Loan Love goes through the advantages of each loan option, so that home owners will be able to decide what is best for them when it comes to fixed rate Vs ARM interest rate schemes. These are the two major types of interest rates that lenders use to create mortgages, so borrowers should familiarize themselves with the details of each in order to take advantage of their benefits when it comes time to purchase a home or refinance their mortgage.
Visitors to LoanLove.com can also use the website’s other resources and tools to help them make the best decision about what type of loan to apply for. The loan comparison tool can help them to see exactly which loan option would be more financially beneficial to them, given their particular situation and goals in homeownership. It can also show them how much they could save if they were to choose one loan option over another. These tools and resources can help homeowners to be confident in their decisions, as they will know that they are doing is based on the right information.
Those who would like to keep up to date with the latest home loan news have can like the company’s Facebook page or follow them on Twitter so that they will be notified every time there is a new article or news story. For more information on the company and how it can benefit homeowners who are looking for the best loan deals, visit http://loanlove.com.